When you contemplate your estate plan, the first thing that comes to mind is probably a Last Will and Testament. Most people associate a Will with estate planning; however, there is another option for the foundation of your estate plan – a trust agreement. In fact, there are a number of benefits to using a trust instead of a Will as your primary estate planning document. To help you make the right decision for your plan, the Lincolnshire living trust lawyers at Hedeker Law, Ltd. explain the benefits of using a trust instead of a Will. Estate Planning Basics Like [Read more…]
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During Trust Administration, Can a Trustee Be Removed or Replaced?
At one time, trusts were predominantly used by wealthy families as a vehicle by which the family wealth could be passed down without incurring a tax obligation on the transfer of wealth. The tax laws have since changed to prevent a trust being used in that way; however, trusts are now more popular than ever. In fact, it is becoming increasingly common to find a trust in the estate plan of the average person. Although there are numerous different specialty trusts that help accomplish a wide range of estate planning goals, all trusts have one thing in common – the [Read more…]
Vernon Hills Legacy Planning Attorney Asks You :”What Legacy Do You Want to Leave Behind?”
When you think about estate planning, you likely think about devising a plan for the distribution of your estate assets after your death. Traditional estate planning does just that; however, you may want to pass down more than just your material wealth. What about intangible concepts such as your values, beliefs, ideals, and your faith that may have helped guide you over the course of your lifetime? Don’t you want to pass those down to future generations as well? With that in mind, a Vernon Hills legacy planning attorney asks you: “What legacy do you want to leave behind?” Traditional [Read more…]
Trust Attorneys– Types of Trusts Explained
One of the most common tools used when creating a comprehensive estate plan is a trust agreement. Most people are familiar with the concept of a trust; however, the details can be a bit murky. If you are considering the use of a trust in your estate plan, deciding on which type of trust is best for your needs and goals is the first step toward incorporating a trust into your plan. Although it is always best to consult with your Illinois estate planning attorney before you make a firm decision about the type of trust you need, it may [Read more…]
Lincolnshire Probate Attorneys Explain What Happens to an Estate If There Is No Will
You have probably listened to well-meaning friends and family members tell you how important it is for you to have at least a basic estate plan in place. If you are like over half of all Americans, you have yet to create a plan despite listening to their well-intentioned advice. Sometimes, the best way to impress upon someone the importance of doing something is to explain what will happen if they don’t do it. With that in mind, the Lincolnshire probate attorneys at Hedeker Law, Ltd. explains what happens to an estate if there is no Last Will and Testament. [Read more…]
Inheritance Planning for Parents with Minor Children
Inheritance planning is something that every adult should think about and discuss with an experienced estate planning attorney. For the parents of minor children, however, inheritance planning takes on a heightened importance for several reasons. Although no parent wants to dwell on the possibility that something could take them away from their children, the reality is that death or incapacity could do just that at any time and without warning. If you have minor children, and you have yet to focus on inheritance planning, now is the time to gets started. What Is Inheritance Planning? The term “inheritance planning” is [Read more…]
Vernon Hills Trust Attorneys Explain Funeral and Burial Trusts
Although thinking about your own death, and the subsequent funeral and burial, may not be something you enjoy doing, it is wise to do so as part of your comprehensive estate plan. Including a funeral planning component in your estate plan ensures that your wishes are honored when the time comes and protects your loved ones from having to make difficult decisions during a time of heightened emotions and increased stress. One estate planning tool often included in a funeral component is a funeral an Irrevocable Life Insurance Trust (ILIT), often referred to as a funeral or burial trust. The [Read more…]
Estate Planning Lawyers Explain Why Estate Liquidity Is So Important
Estate planning, when done properly, involves a number of inter-related goals and objectives that all come together in one cohesive plan. Although the primary reason for your estate plan might be to ensure that your estate assets are distributed according to your wishes after you are gone, that is likely not your only goal. In addition, there are a number of other considerations that can have a direct impact on that goal. For example, have you considered the impact your estate’s liquidity will have on your overall estate plan? To ensure that you do, the estate planning lawyers at Hedeker [Read more…]
Lincolnshire Inheritance Planning — Keeping the State Out of Your Estate
One of the most common misconceptions when it comes to inheritance planning is that you need to have a large estate before an estate plan becomes necessary. Nothing could be farther from the truth. Every adult should have at least a basic inheritance plan in place. As your estate, and your family, grow you will definitely want to expand and build on that basic plan; however, there are several reasons why you should have a basic estate plan without regard to the size of your estate. As a Lincolnshire inheritance planning attorney explains, keeping the state out of your estate [Read more…]
Asset Protection Trusts — Can They Protect My Assets If My Spouse Remarries after I Die?
The process of estate planning frequently requires you to focus on, and contemplate, some scenarios, possibilities, and eventualities that are less than pleasant to consider. Your own immortality, after all, is at the heart of your estate plan. If you are married, you may also have discussed the likelihood that one of you will outlive the other. The thought of your spouse remarrying after your death may be an emotional subject matter; however, it can also have a very significant financial impact as well that you need to be aware of, and plan for, in your estate plan. Asset protection [Read more…]
